Loan for NJ property

bb50south · Joined: 23 Oct 2007 Posts: 1 1.30 Dollars($)

Customer needs 50% LTV - property worth $160,000 - no credit scores - self employed - no liens on property

jenkin7 · Posted: Tue Oct 23, 2007 10:15 pm Post subject:

Hello BB,

It is not impossible to get a 50% LTV without a credit score but you have to shop for lenders. They will put high interest rates and will require about 10% down payment.

You can try for conforming loans and FHA loans.

I think it will be better if your customer can wait for a few months and try to build a good credit. This will help him to get qualify for a loan easily.

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi BB,

Your customer doesn't have credit score; so it will be very tough for him to get a loan without credit score, although you can surely recommend your customer for the conforming loans and FHA loans.

This community has a lenders' directory, so you can check it out and find out the lenders who give Loan for NJ property. So, please take a look at-
http://www.mortgagefit.com/newjersey/index.html

I think if you talk to some of the lenders, they will surely help you out.

Wishing you Best of luck,
Larry

Samantha

Hi BB,

Welcome to forums.

You've mentioned that your customer doesn't have credit score. Hasn't he taken any loan previously or any credit card? If yes, then he can get a credit report from one of the bureaus and check his score.

There are loans which aren't score driven but such lenders too will require the borrower to have at least some score. It's just that he won't be denied for having poor credit as far as those lenders are concerned but they too would like him to have some score.

While the borrower checks out the score, you can find out if lenders in this community are willing to offer such a loan. The lenders associated with this community offer a variety of programs to borrowers having different financial situation. So, just send a request for mortgage quotes and allow for some time so that lenders are able to check if they'll be comfortable dealing with you as per your requirements.

Hope this helps...

God bless you.

Samantha

evolovik26 · Posted: Wed Oct 24, 2007 7:12 am Post subject:

If the client has 2 yrs taxes with enough income and 3-4 lines of alternate credit you can go FHA or you can go for Hard Money if there is no subprime available (although its pretty much the same nowdays)

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